KUALA LUMPUR: Scammers are eyeing the RM1 billion allocation under the eMadani initiative by deceiving unsuspecting e-wallet users to exchange their credits for non-existent cash.
They have been advertising their services on social media platforms such as Facebook, Telegram and X since the government announced the disbursement of the RM100 credit that will be channelled to Malaysians through four e-wallet providers starting Monday.
Surveys by the New Straits Times on social media found a big demand by people who want to exchange their credits for cash.
Some of those behind such "services" — whether genuine or not — also charge a five per cent fee or RM5 out of the RM100 they help to cash the e-credit.
Most "customers" were directed to bank in the fee into certain accounts.
The perpetrators posted colourful posters with bold graphics and enticing words. They employed persuasive language in their advertisements to create an illusion of legitimacy.
One such person, who offered his services in a community Facebook group wrote: "Good news for Malaysians. RM100 e-wallet eMadani. You may standby for a RM100 cash out from the eMadani credit to your bank account.
"You may join this group now to slot your cash out."
He attached a link to a WhatsApp Group with 120 participants.
The user also attached a poster showing the eMadani credit logo with a live countdown. The thread in this posting showed dozens of social media users enquiring about his service.
Surprisingly, this same thread also included a comment from the official Finance Ministry Facebook page, which reminded Malaysians against cashing out the eMadani credit.
"Redeeming cash for the RM100 eMadani is NOT ALLOWED. The eMadani credit can only be used for physical purchases via the four e-wallet service providers of MAE, Setel, Shopee Pay or Touch 'n Go eWallet.
"Do not be duped by scammers. For more information, please log on to https://manfaat.mof.gov.my/eMADANI," said the MOF Facebook account commenting in the same thread.
Consumers who spoke to the NST said they preferred to have cash instead of e-wallet credits.
Athirah Mohammad, 25, said that she also preferred to top up her e-wallet using her own bank account because it would help track her monthly expenses.
"The e-wallet monetary aid comes with limitations. There is restricted usage on certain platforms."
She said although she understood the risk in engaging in 'cash-out' services, she was willing to do it as long as the person was trustworthy.
"While it may be risky, it works for me. I'm cautious about scams and I ensure I transact only with trusted sources," she said.
When speaking to the NST, an MOF spokesman advised e-wallet users to be careful with people offering to cash out their eMadani credit.
"This is to avoid them from becoming victims of scams or to lose their eMadani credits," said the spokesman.
Federation of Malaysian Consumers Associations (Fomca) president Datuk Marimuthu Nadason also urged the authorities to address the situation.
"We need to see these perpetrators be held accountable and place them behind bars.
"Moreover, it is not easy for consumers to distinguish and identify scammers, especially when they present themselves as legitimate on social media.
"Those in desperate situations might inadvertently fall victim to these fraudulent schemes.
"This is not the first time cases like this have occurred in Malaysia. It is time for everyone to be vigilant and avoid engaging in services that may offer instant benefits," he added.
Marimuthu said e-wallet providers must enhance safety and security measures, preventing scammers from exploiting these platforms.